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<br /> <br /> <br /> <br /> <br />ECONOMIC DEVELOPMENT AGREEMENT <br />THIS ECONOMIC DEVELOPMENT AGREEMENT (the “Agreement”) is made and <br />entered into as of the 9th day of January, 2025, by and among the City of South Bend, Indiana, a <br />political subdivision and municipal corporation of the State of Indiana (the “City”), the City of <br />South Bend Department of Redevelopment, acting by and through its governing body, the South <br />Bend Redevelopment Commission (the “Redevelopment Commission” and, together with the <br />City, the “City Bodies”), and J.C. Hart Company, Inc., an Indiana corporation (the “Company” or <br />“Developer”) (the City, the Redevelopment Commission, and the Company or Developer, each <br />being a “Party” and collectively the “Parties”). <br />W I T N E S S E T H: <br />WHEREAS, the Redevelopment Commission exists and operates under the provisions of <br />the Redevelopment of Cities and Towns Act of 1953, as amended (I.C. 36-7-14 et seq., the <br />“Redevelopment Act”); and <br />WHEREAS, the Redevelopment Commission desires to foster economic development and <br />redevelopment within the City; and <br />WHEREAS, the Company has approached the Redevelopment Commission regarding the <br />construction and equipping of certain economic development facilities, as more particularly <br />described in Exhibit A attached hereto (collectively, the “Project”) on certain parcels of real <br />property located within the City and owned or to be owned by the Developer (the “Project Site”) <br />(see Exhibit B attached hereto for a legal description); and <br />WHEREAS, the Project Site is located within the corporate boundaries of the City of South <br />Bend (the “City”) and further is located within that area known as the “River West Development <br />Area” (the “Area”), an area previously determined by the Commission to be an economic <br />development area under the Redevelopment Act; and <br />WHEREAS, the Commission has designated and declared, and the Common Council of <br />the City (the “Common Council”) has approved of, the designation and declaration of the entirety <br />of the Area to be a tax increment financing allocation area and named the “River West <br />Development Allocation Area No. 1” (“Allocation Area No. 1”); and <br />WHEREAS, the Company has requested certain economic development assistance from <br />the City with respect to the Project; and